Li Ning shares down on profit warning

Shares of Li Ning, China’s best-known local sportswear group, fell 1.2 per cent on Monday after the company warned of substantial loss for 2012 as the retailer seeks to revamp its sales channels. The company, backed by Singapore sovereign fund GIC and US private equity fund TPG Capital, said it planned to book a charge of up to US$288 million and that will contribute to the loss for the year ending December 2012. Li Ning was down six HK cents, or 1.23 per cent, at HK$4.83 in early trade.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1107030/li-ning-shares-down-profit-warning